It's a decent offer because savers who panicked could have lost significant sums.

In the worst case, a third of a year's interest will have been whipped away at a stroke.

Savers with £10,000 in the telephone-based Select 120 or Branch Select account will have found up to £145 (£181 for non-tax payers) of interest deducted from their account as a penalty for not giving the required notice.

At £50,000, they have lost up to £724 as basic rate taxpayers or £905 as non-tax payers. Even pensioners in its Silver Savings 30 account will have lost 30 days' interest, worth £74.17 after tax, on £20,000 worth of savings — £92.71 before tax.

Once the money is back in, then you should give notice.

The fact is that most savers should get out of Northern Rock — not because the bank is about to go bust, but because the interest rates it pays on most accounts are dire.

They include an Instant Access paying 0.88% after tax (1.1% before tax); a 90-day notice account, Direct Tracker 90, paying from 3.44% (4.3%); and Select 120, paying just 3.81% (4.76%) once an introductory bonus drops off.